South State Bank might be worth speaking to, like any other bank, they want collateral though.

If you want to take a more aggressive approach, you can keep leveraging new properties, and using your previous properties as collateral for new loans.

This is not to say that there are never bargains to be had, but practically speaking, if the lender does not want to protect their position, you must ask yourself why-why has the lender abandoned this collateral?  

Yeah I thought there was something you could do with it as a type of collateral but clearly that is not the case.

The operating agreement needs to be your starting point on how to purchase the ownership interest, but the bigger problem is convincing the remaining partners who have no debt to pledge their entity's asset as collateral for your debt.       

In any case, nobody with any knowledge would participate with you as either a lender or partner because they would be running afoul of consumer finance, residential mortgage and homestead laws and regulations, thereby subjecting themselves to fines, penalties and loss of collateral and principal. 

You might need to buy the land and use that as collateral, save up a little to buy it.

Try to get good collateral and limit your LTC such that your security interest is pretty solid. 8%+ should be pretty easy with those investments provided there aren't sneaky local laws that get you in trouble.

I think the idea is that if the note is below collateral value the buyer could foreclose and acquire the property under FMV. 

The issue would be with the friend or family member not really having anything but my word that I’ll pay their loan back (no collateral) correct?